How does a shrinking population affect the housing market? In this study, drawing on Japan's experience, we find that … there exists an asymmetric relationship between housing prices and population change. Due to the durability of housing … structures, the decline in housing prices associated with population losses is estimated to be larger than the rise in prices …

specific questions: First, how synchronized are housing cycles across these countries? Second, what are the main shocks driving …

To identify and quantify downside risks to housing markets, we apply the house price-at-risk methodology to a sample of … risks to housing markets in the United States have seemingly fallen over the past decade, while having increased in Canada … risks. In addition, capital flows are found to be significantly associated with future downside risks to major housing …

This paper separates the roles of demand for housing services and belief about future house prices in a house price … cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality … conditions of producing housing services determine user-cost-of-housing and the elasticity of substitution between land and …

estimate the range of house price overvaluation acrosscity-tiers and assesses the main risks of a sharp housing market slowdown … measures and push forwardreforms to address the fundamental imbalances in the residential housing market …